Gov. Dannel P. Malloy has called for a 3:30 p.m. press conference at ESPN headquarters in Bristol for a "major" economic development announcement.

While no further details were provided, the news conference is likley an indicator that ESPN will be the third company to take advantage of Malloy's "First Five" initiative, which will provide a series of economic incentives and tax breaks for the first five companies that add 200 jobs in the state.

So far, two Connecticut companies have already taken advantage of the program. South Windsor-based TicketNetwork, which is an online ticket exchange site, recently got $8 million in incentives from the state to add 200 jobs in the next two years.

And health insurer Cigna Corp. has promised to move its headquarters to Bloomfield and add 200 jobs in Connecticut in the next two years, in exchange for $50 million in economic assistance from the state.

HartfordBusiness.com will have an update on the announcement later in the day.